Ciena Corporation Stock Forecast
Ciena Corporation stock price down 2.30% on Thursday
(Updated on Apr 18, 2024)
The Ciena Corporation stock price fell by -2.30% on the last day (Thursday, 18th Apr 2024) from $44.80 to $43.77. During the last trading day the stock fluctuated 2.82% from a day low at $43.40 to a day high of $44.62. The price has fallen in 7 of the last 10 days and is down by -8.07% for this period. Volume has increased on the last day by 222 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 1 million shares were bought and sold for approximately $65.01 million.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $41.87 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -13.59% during the next 3 months and, with a 90% probability hold a price between $36.18 and $49.93 at the end of this 3-month period.
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CIEN Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Ciena Corporation stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $45.34 and $50.57. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, March 04, 2024, and so far it has fallen -29.95%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Ciena Corporation stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.22 between high and low, or 2.82%. For the last week, the stock has had daily average volatility of 2.38%.
Ciena Corporation is oversold on RSI14 (15). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CIEN) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Ciena Corporation to open at $43.93, and during the day (based on 14 day Average True Range), to move between $42.57 and $44.97, which gives a possible trading interval of +/-$1.20 (+/-2.73%) up or down from last closing price. If Ciena Corporation takes out the full calculated possible swing range there will be an estimated 5.46% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $51.54, some $7.77 (17.75%) from the current price of $43.77, our system finds the risk reward not very attractive.
Is Ciena Corporation stock A Buy?
Ciena Corporation holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -4.690 Sell Candidate Unchanged
Predicted Opening Price for Ciena Corporation of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| $43.93 ( 0.362%) | $43.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CIEN
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 45.15 | 3.16 % | |
| R2 | 44.69 | 2.09 % | ||
| R1 | 44.40 | 1.43 % | ||
| Current price: | 43.77 | |||
| Support | S1 | 43.46 | -0.707 % | |
| S2 | 43.17 | -1.37 % | ||
| S3 | 42.70 | -2.44 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 54.28 | 24.01 % | |
| R2 | 52.84 | 20.72 % | ||
| R1 | 51.54 | 17.75 % | ||
| Current price | 43.77 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
FAQ
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